To not be saving child benefit

[cadburyegg]

So we have 2 DC, one 3yo the other 4mo. We claim child benefit for them. It goes into our joint account and helps a little with our daily expenses. I have worked part time since the 3yo was born so it’s helpful.

In laws came over last night and somehow this topic came up. MIL was aghast that we are not saving it up for the children when they are older. We do save for them but only a small amount per month. Her words were “you’re not poor so you should be saving it up for their first car or similar”. Well no we aren’t poor but we aren’t rich.

I thought child benefit was supposed to help with the cost of raising kids not be a saving fund for them? AIBU??

I get mine out the day it goes in and then use that money throughout the next 4 weeks to pay for clothing, extra curricular activities or other things they want/need. Anything left over gets put to one side in an envelope for spending money on holidays or for times like the summer holidays, when they are all at home all day and things cost more.

We don't save it. We don't fritter it either. It gets spent on the children - childcare, hobbies, days out etc.

Thanks to this thread, I looked into eligibility criteria of claiming for CB - I had previously assumed because hubby and I are high-ish earners, we were automatically ineligable for support. Child is 3.5.

Everyone - please apply for CB and if either you/partner earn over £60k, opt out of receiving the CB. By applying for CV you access credits towards your state pension + child(ren) will automatically receive their NI Number when they turn 16. Thanks @cadburyegg for getting the conversation started!

It’s all about management.

Right now others might spend it on nappies / shoes, but then pay for a holiday sometime themselves.

We pay for everyday stuff ourselves and save the money so we can take them away somewhere when they’re a bit older. I’m planning a nice big holiday when they’re about 8, then I’ll idealy keep saving it for when they’re 18 either for uni or whatever they need at that time.

If our finances change then obviously I’ll spend it on general living expenses. We are on pretty low income but very frugal.

@Mackymacmacface
Do they not get the NI number otherwise? We have purposefully not registered as we are not eligible for CB and don’t want them to send something that they then want back

Ours used to go towards milk, nappies etc. Then as he got older, general day to day expenses that benefited him. For the last year or so he has had it to pay for his driving lessons. I don't know anyone who saves it for their dc.